The Japanese Yen (JPY) staged a strong intraday recovery on Monday and rallied over 550 pips against its American counterpart, following an initial slump below the 160.00 psychological mark for the first time since April 1990.
The Japanese Yen struggles to build on the previous day’s solid recovery from a multi-decade low. The divergent BoJ- Fed policy expectations and a positive risk tone undermine the safe-haven JPY. The emergence of some USD buying provides an additional boost to the USD/JPY pair on Tuesday. The Japanese Yen staged a strong intraday recovery on Monday and rallied over 550 pips against its American counterpart, following an initial slump below the 160.
2% in March and the yearly rate, though recorded a slower-than-expected rise, pointed to expansion for the 25th consecutive month, doing little to influence the JPY. Traders now look to the US economic docket – featuring the Chicago PMI and the Conference Board's Consumer Confidence Index — for short-term opportunities ahead of the FOMC policy decision on Wednesday.
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